I don't need to factor.

maybe if your buisness plan(you have one?) requires you to factor,you should rethink you're plans.In this climate you need to control you're cost incluing paying other people to collect money for you.

Dont need a big bank account....you need at least 10k to 15k until invoices get paid.... But it sounds like you do not have two nickels to rub together and need factoring right out of the gate. You may want to re-think your plan, that is if you have one.

I have been using Apex Factors since I started running under my own authority about five weeks ago. So far, I have been fairly pleased. My biggest gripe was the $375 setup charge to get started with them. I think that's a little gratuitous.

The fee they charge is a sliding rate based on how long the broker takes to pay, anywhere from 0.5% ( 0-5 days) up to 5% for over 60 days. If the broker pays in 26-30 days, the rate is 3%. Btw, these are recourse rates.

They also charge a $.50 per invoice processing fee, and a $12 wire transfer fee, as well as an optional $25 same-day funding fee. There are several other fees you can choose to incur, as well.

So far, three invoices have been paid by the broker and were in the 2% fee range.

I won't say that I endorse factoring, but it can be part of a successful trucking business plan that preserves your working capital in the early stages of your business for emergencies. But it is important to have a plan that will allow you to set aside money in order to wean yourself off the factor as soon as possible. You could easily pay $5,000 - $7,000 a year to your factoring company. That's a lot of groceries.

I have been very pleased with the customer service and communication from Apex.

edited...I went over the line

At least give us a crack at it first. :lol: :wink:

D & S Factors is non-recourse and charges 5%. There is no set up or processing fee. You send them the bills via Trip Pak and you have the money in your bank within 24 hours from the time they receive the bills. They pay for the Trip Pak fees. They do charge a $2/money transfer fee. They will also issue you a comcheck for an additional fee. I believe it is $25. Many of the major trucking companies factor. It is a good way to finance your business without adding debt. I suggest putting back money as you go along so that you don't need to factor all of your loads. One nice thing about D & S is that you don't have any minimums and you don't have to factor all of your loads. While the fees seem high, you don't have to worry about them charging back an account on you. With some of the recourse factors fees can reach or exceed those of D & S depending on how long they take to pay. I don't know their number off hand, but you can go to www.internettruckstop.com and find them on their main page. They are owned by the same people who own internettruckstop.

To be honest I used to think like some guys as to say if you factor you must not have the money or even doing something wrong! But since then I have changed my way of thinking!!

With the way the economy changes everyday and as crooked as some of these brokers are, I would rather someone else take the chance of not getting paid! And I do have money in the bank but I do not like having 10 to 15k tied up waiting and hoping that some broker or company don't go belly up in 30 to 45 days! BUT I DON'T FACTOR EVERYONE! They can have the 5 or 6 percent (hell less money I have to taxes on anyway)!

I used FREIGHTCHECK!

Now if anyone else has a better system or way of doing this, please tell me!!

Just my 2 cents!!